Below we have outlined 5 steps to assist you in choosing the Property Management Company:
1. LICENSING – Any company that intends to deal in the leasing and management of Real Estate in British Columbia, must be licensed, bonded and insured, under the Real Estate Services Act. The Real Estate Council closely monitors the activities of all licensed Agents in the Province. Be sure that the Agent you are engaging is properly licensed.
2. PROFESSIONAL DESIGNATION – Education and a Professional Designation assures you that your manager has been trained specifically in Property Management. Your best assurance is engaging a Certified Property Manager (CPM®) or equivalent university graduate (B.Comm).
3. EXPERIENCE – Insure that the individual has the necessary experience in your particular type of property. The greatest number of years does not guarantee superior service, but it does demonstrate one’s commitment to their profession.
4. REFERENCES – The individual and firm should be able to provide you with written and/or verbal references.
5. FEES – Be specific with regards to fees and charges involved. Keep in mind that fees charged usually represents the type and quality service you can expect. Be concerned with fees that are too low. The Old Saying “You get what you pay for” is equally true when applied to Property Management. Keep in mind that the individual and firm you are engaging may well be managing your largest single investment.